SECTION 80C(2)(xv) OF THE INCOME-TAX ACTA V VishalEmail thisPrint this
Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.
Notably, This rebate is available as per Section 87A. Let us discuss how this section works for you. Union Budget 2025: New Tax Regime Slab Rates What is the Provision Related to Section 87A of the Income Tax Act? Recalling history in a hurry, Section 87A was inserted in the Finance ...
If the claim for credit or refund relates to an overpayment of tax imposed by subtitle A on account of the recapture, under section 4045 of the Employee Retirement Income Security Act of 1974, of amounts included in income for a prior taxable year, the 3-year period of limitation ...
Before the last date of furnishing of the income tax return. Deduction Figure Beneath Section 33AB As a deduction under section 33AB, the amount which is less is to be permitted: The amount which is furnished 40% of the profit is calculated beneath the head profits and gains of trade or...
One of the most important taxes is income-tax which a person pays according to the amount of his income, whether he is a merchant, a doctor, a lawyer, a shopkeeper, a miner or anything else. This is called a “direct” tax, because it is paid in money directly to the government. ...
Property Transaction Taxation: 12% – 22% – The differences between the taxations of a business and the taxations of an individual will be tested with subjects like an alternative minimum tax (AMT) and the importance of gross income inclusion, along with the taxations of transactions involving...
Section-2(13) Books of Account: “books of account” includes records maintained in respect of— (i)all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place; (ii)all sales and purchases of goods and services by the compa...
An unrecapturedSection 1250gain involves an income tax provision that directs the recapture as income of the portion of a gain related to previously useddepreciationallowances. It is only applicable to the sale of depreciablereal estate.
Section 1031 of the U.S. tax code permits a business to postpone taxes on gains from the sale of business property when the proceeds are invested in other property.